MetLife to provide annuity benefits for 3M retirees, beneficiaries

MetLife to provide annuity benefits for 3M retirees, beneficiaries

MetLife Offers Retirement Benefits to 3M Retirees and Beneficiaries | Insurance business America

The commitments total more than $2 billion


By Kenneth Araullo

MetLife announced that its subsidiary, Metropolitan Tower Life Insurance Company, has entered into an agreement with 3M to provide retirement benefits to approximately 23,000 retirees and beneficiaries of the 3M Employee Retirement Income Plan.

According to a press release, this agreement includes pension obligations totaling approximately $2.5 billion.

In June 2024, Metropolitan Tower Life Insurance Company entered into a group annuity contract as part of the transaction. The monthly pension amounts for the Company’s retirees, their spouses and beneficiaries remain unchanged.

Metropolitan Tower Life Insurance Company assumes responsibility for making these monthly payments and replaces the plan. The company said no action was required from retirees or beneficiaries and that both 3M and Metropolitan Tower Life would provide affected participants and beneficiaries with details of their ongoing payments.

Melissa Moore, senior vice president and head of pensions at MetLife, emphasized the importance of this agreement for 3M’s beneficiaries.

“MetLife helped pave the way for today’s pension risk transfer market more than 100 years ago and remains firmly committed to this business. “We leverage our risk management expertise across a wide range of economic scenarios to continue to be an industry leader,” said Moore.

More news for MetLife…

Elsewhere for MetLife, sources recently revealed that the company is seeking a takeover of Hayfin Capital Management, the private credit specialist that began exploring a sale last year.

The insurance giant is currently negotiating a deal that could value the London-based direct lender at more than 1.2 billion euros ($1.3 billion), said the people, who spoke on condition of anonymity to discuss private information. Discussions are ongoing and may not ultimately lead to an agreement.

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MetLife to provide annuity benefits for 3M retirees, beneficiaries

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2024-06-14 14:23:31